James Murdoch follows in his father’s footsteps with purchase New York Magazine and Vox

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Rupert Murdoch’s son, James Murdoch, is following in his father’s footsteps and purchasing several divisions of Vox Media.

The 53-year-old is acquiring New York Magazine — which his father once owned — along with the Vox Media Podcast Network and Vox, according to a press release. He made the purchase through his company, Lupa Systems.

“This acquisition aligns well with our existing holdings and investments and reflects both our interest in the forward edge of culture and our deep commitment to ambitious journalism and agenda-setting conversations,” James Murdoch said in a statement.

“It will allow us to apply new tools across the businesses we are building, adding substantial production, distribution, and editorial capability to our group,” he added.

The acquisition, which represents about half of Vox Media, was worth more than $300 million, according to The New York Times.

Vox Media CEO Jim Bankoff provided additional details about the deal in a note to company staff published Wednesday morning.

“Lupa Systems, James Murdoch’s media and technology holding company, is acquiring New York Magazine, the Vox Media Podcast Network, and Vox. Those properties will form a new media company under Lupa ownership, which will carry the Vox Media name forward, and I’ll serve as its CEO when the transaction closes,” he said.

This is a breaking news story. Check back for updates.